Ross Stores terminates $500 million 364-day revolver, repays another

By Wendy Van Sickle

Columbus, Ohio, Oct. 7 – Ross Stores, Inc. terminated on Wednesday the $500 million 364-day revolving credit agreement with Bank of America, NA as administrative agent that it entered into on May 1, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility had been entered into to add to the company’s borrowing availability and sources of liquidity to provide additional financial flexibility due to uncertain market conditions arising from the Covid-19 pandemic.

The facility was terminated because it was not expected to be needed or used prior to its expiration in April 2021.

Also, on Oct. 5 the company repaid in full the amounts it borrowed under its $800 million unsecured revolving credit facility. As a result, Ross has no borrowings or standby letters of credit outstanding under this facility, which remains in place and available.

Based in Dublin, Calif., Ross owns a chain of discount department stores.

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